A general policy of imposing trade restrictions is called

Although monopoly and perfect competition result in different market outcomes, the fact that firms in both market structures work to maximize their profits ensures that resources are allocated efficiently in both situations

Indicate whether the statement is true or false

Suppose external benefits are present in a market which results in the actual market price of $14 and market output of 150 units. How does this outcome compare to the efficient, ideal equilibrium?

a. The efficient outcome would be greater than 150 units. b. The efficient outcome would be less than 150 units. c. The efficient outcome would also be 150 units. d. The efficient price would be less than $14.